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Conclusion
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
Save, Dream, Plan. Live Peacefully
5 Plan options Option to choose PPT Get Tax benefits
Save, Dream, Plan. Live Peacefully
5 Plan options Option to choose PPT Get Tax benefits
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Financial Planning - Top Selling Plans
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
Types of Fixed Deposit
Tax Saving FD: Investments in tax-saving FDs are eligible for a deduction, from taxable income, u/s 80C of the Indian Income Tax Act. Tax-saving FDs have a lock-in period of 5 years.
Types of Fixed Deposit Accounts
Tax-Saving Deposits: Tax-saving Fixed Deposits in India are deposits specified for deduction under section 80C of the Income Tax Act 1961. These are 5-year deposits and do not offer interest payout or withdrawal before maturity. So, your investment is locked in for five years in tax-saving deposits. Disclaimer: Tax benefits are subject to change in tax laws. Please consult your tax advisor.
What is a Fixed Deposit?
There are 5-year tax saving FDs which come under the purview of section 80C of the Indian Income Tax Act. These FDs are locked-in for 5 years. You cannot withdraw even with a penalty. Investment in the 5-year tax saving FD is deductible, from your taxable income.
Why Should you Include FD in your Investment Plan?
Tax Advantages: Interest or return you receive from your FD investments is exempted up to ₹10,000 in one financial year. Apart from this, certain tax-saving Fixed Deposits have a lock-in period of 5 years and are exempted under section 80C of the Indian Income Tax Act, 1961, with up to a relief of ₹1.5 lakhs. Disclaimer: Tax benefits are subject to change in tax laws. Please consult your tax advisor.